If it's not broke, don't fix it! We have all heard that expression and at times maybe even used it. Problem is, when it comes to marketing it may not be broken, just not maximizing your return which in my opinion is the same thing as broken. Marketing mediums are not all alike, and the efficacy of marketing mediums depend on many variables. What demographics is the site or publication hitting, what is the distribution and is it hitting your target market? How easily can content be updated and changed, as well as who can make these changes and how quickly? How is the traffic tracked, and what data do you get for follow-up and what segments of data are available to help you understand the profile of your guests? How can you determine which mediums create the most benefit from the expense? What mediums should I be in and how can I provide rationale to ownership and management to add marketing dollars? How is technology changing how I market, and how do we stay ahead of the curve when contracts are signed for long obligation periods? And last but not least, is your message driving leases or just phone calls? So many questions, so little time to write...so we'll touch on a few of these area!
Let's start with all the options we have and the different mediums trying to vie for your marketing dollars. Having prepared hundreds of budgets and managed for owners, REIT's, and third party companies, ownership (and upper leadership in some cases) is not always understanding to the expense side of the financial and budget when it comes to marketing dollars. We are constantly asked, "How can we minimize or reduce expenses and is what your asking for absolutely necessary?" We must also acknowledge every marketing provider can say, "We are the best." So, how do we know we are putting our marketing eggs in the right basket and can get the maximum result to increase revenue and occupancy? Not all of the questions are aimed at marketing mediums nor do they place responsibility on them. First line of responsibility is with us as property managers and business owners! Do your homework, check references and statistics yourself, verify your analysis with someone you trust, listen to others, and be prepared to justify your recommendations and decision.
I have always been an advocate of looking at leases and not just leads when reviewing and analyzing marketing mediums. This is of course assuming you believe your team is doing the basics related to what I call "first position" leasing. What is "first position?" Well, glad you asked. Are they great at handling telephone leasing and are they maximizing conversion ratio's from call to visit? Are they quantifying the marketing source that lead them to the call or visit? Are they performing effective and timely follow-up? Are they superstars when it comes to leasing and closing? If so, the next step is looking at your message. What am I saying in my advertisement and is it generating interest to get the call and the visit? Is my message in the ad representative of the property being presented? Last thing you want is your ad gives a Class A feel and a Class C visit. When you ask these questions and go back to the lead versus the lease analogy, leases put money in the bank...leads do not!
Second position is content, the words you choose, the pictures and other content presented, and does the ad hit your target market. Once again does the message fit the community and is it motivational (create action to call or visit)? What do you use as bullet points and what order do you put them in? What are you saying in your "paragraph" section, and are you keeping it brief because we all know people review advertising today in bites and more is not necessarily better? Do your pictures really tell a story and are they representative of what the guest will see upon visiting your site?
How do I convince ownership or upper leadership to give me more marketing dollars, or in some cases keep what marketing dollars you have had? First question, have you answered all the questions already talked about above and made good decisions in the past to provide a basis for justification of what you are asking for? If not, your chances are already reduced. Second, prepare a CBA or Cost Benefit Analysis for what you are asking for or trying to justify. Basically, you have to sell your marketing dollars just as you would a budget. Those that have attended my "How to sell a budget" workshop know what I am talking about. Call references and document the contact and their results. Compare apples to apples with your analysis related to the type of community, advertising mediums used, leases provided, leads produced, and personnel. A well prepared, documented, and presented analysis and plan can make the difference between getting a yes...and having to hear a no!
So, what is the answer? Not all the questions I have raised have been answered and maybe the answer is in all the questions I have raised. My intent here is not to give you all the answers as every community, ownership, and medium is different. My goal is to get you to open your mind, really think through the process, and ask the right questions. I could write an entire article or even a book on this topic (wait a minute...I have), and have only scratched the surface in how to look at marketing. Knowledge is not in having all the answers, but knowing where to find them.
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